文源 | 源媒汇 作者 | 童画 编辑 | 苏淮 在监管趋严、中小券商IPO审核标准不断提高的背景下，渤海证券的上市梦正遭遇股权、业绩、合规的 三重困扰。其困境，也折射出中小券商在冲刺资本市场过程中的共性难题。 01 股东分散，股权频遭司法拍卖 作为唯一一家注册在天津的综合类证券公司，渤海证券是在原天津证券有限责任公司、原天津市国际信 托投资公司等多家信托机构证券营业部合并重组的基础上，集合国内多家有影响、有实力的企业共同出 资组建的证券公司，公司实控人为天津市国资委。 天眼查显示，渤海证券成立于1988年3月1日，注册资本约为80.37亿元，法定代表人是安志勇，后者也 是公司董事长。 图片来源于天眼查 2016年10月，渤海证券与光大证券签约，接受IPO辅导；2021年12月，渤海证券提交IPO申报；2023年3 月，随着注册制全面实施，渤海证券IPO审核平移到上交所，招股书也再次更新。 11月23日，正荣集团持有的渤海证券0.76094%股权将在阿里拍卖平台开拍。叠加此前几次股东持股流 拍的背景，渤海证券的股权问题面临更多考验，而这或将影响这家券商的IPO进程。 作为天津地区唯一地方法人券商，渤海证券的I ...

启动IPO辅导已三年有余，申港证券高频提"合规稳健经营"，却多次被监管部门点名 《中国科技投资》龙秋月 日前，处于IPO辅导阶段的申港证券股份有限公司（以下简称"申港证券"）更新了相关辅导进展报告，至此该公司IPO辅导报告已更新至第十五期。申港 证券的IPO进程始于2022年3月，其保荐及辅导机构均为华泰联合证券有限责任公司（以下简称"华泰联合证券"）。 最新一期的IPO辅导报告披露，目前华泰联合证券及其他中介机构未发现公司存在其他需要关注的主要问题。作者梳理往期IPO辅导报告发现，"合规稳健 经营"成为高频关键词。而今年以来，申港证券及分公司合计被监管部门点名3次。自启动IPO辅导工作后，因曾多次被监管部门点名，申港证券的合规管 理情况一直备受关注。相比之下，申港证券在业绩方面表现稳健。 合规问题多次被点名 随着证券业监管态势趋严，监管部门正通过对券商各类业务的持续核查，及时发现并纠正违规行为，进而维护资本市场"公开、公平、公正"原则，保护投 资者合法权益，推动行业长期健康发展。iFind数据显示，2025年前三季度，共有68家券商机构收到了来自证监会系统（含各地证监局、上交所、深交 所）的126张罚单。从 ...

Core Viewpoint - Dongguan Securities has updated its IPO prospectus, revealing significant expected growth in revenue and net profit for the first three quarters of 2025, amidst a challenging IPO environment for other brokers [2][3]. Financial Performance - The company anticipates total operating revenue for January to September 2025 to be between 2.34 billion and 2.59 billion yuan, representing a year-on-year growth of 44.93% to 60.18% [3]. - The expected net profit attributable to shareholders is projected to be between 860 million and 950 million yuan, indicating a year-on-year increase of 77.77% to 96.48% [3]. - After excluding non-recurring gains and losses, the net profit attributable to shareholders is expected to be between 860 million and 940 million yuan, with a growth rate of 78.26% to 97.02% [3]. Market Context - Dongguan Securities is currently the only company on the Shenzhen Stock Exchange's main board awaiting IPO approval, suggesting a potential acceleration in its IPO process [2][5]. - The company’s financial performance is attributed to a bullish A-share market, with significant increases in trading volumes and investment income [3][5]. Shareholder Structure - The company has no controlling shareholder, with the Dongguan State-owned Assets Supervision and Administration Commission indirectly controlling 75.40% of the shares through three entities [4][5]. Business Risks - The company faces uncertainties, including slow review processes by the Shenzhen Stock Exchange and a high reliance on brokerage services, which may be impacted by market fluctuations and commission rate declines [5][6]. - The investment banking segment has shown a declining trend in revenue contribution, which may affect overall financial stability [6]. Industry Dynamics - The current environment for IPOs is challenging due to tightened policies and increased scrutiny, with many brokers facing issues related to compliance and profitability [7]. - The industry is shifting towards mergers and acquisitions as a means to enhance competitiveness rather than relying solely on IPOs for financing [7].

Group 1 - Dongguan Securities has completed its seventh prospectus update, revealing a significant increase in state-owned capital's shareholding to 75.4%, establishing absolute control [1] - The company anticipates accelerated performance growth in the first three quarters of 2025 compared to the first half of the year, despite structural challenges in its business development [1] - The brokerage business remains the main revenue pillar, but faces ongoing downward pressure on commission rates, with zero income from stock sponsorship and underwriting in the first half of 2025 [1] Group 2 - He Yanping has retired as the General Manager of Western Li De Fund, with Chairman He Fang taking over the role, raising concerns about the stability of the company's governance [2] - He Yanping has over 20 years of experience in the financial industry and has led Western Li De for nearly a decade, making her departure potentially impactful on the company's strategic continuity [2] - The turnover of executives in the public fund industry is becoming more common, which may increase competitive pressure on smaller institutions [2] Group 3 - Nearly 70 new funds are scheduled for issuance in October, marking a peak in new fund launches as companies aim to close the fourth quarter strongly [3] - On October 9, 23 funds were launched simultaneously, with a focus on actively managed equity funds, index funds, and bond funds with rights, expected to bring additional capital to the equity market [3] - The influx of new funds is likely to improve market liquidity, although attention should be paid to the subsequent issuance pace and changes in investor sentiment [3]

Group 1 - Dongguan Securities has completed its seventh IPO prospectus update, revealing a significant increase in state-owned shareholding to 75.4%, establishing a controlling position [1] - The company anticipates accelerated performance growth in the first three quarters of 2025 compared to the first half of the year, despite ongoing structural challenges in its business development [1] - The brokerage business remains the main revenue pillar, but faces continuous downward pressure on commission rates, with zero income reported from stock sponsorship and underwriting in the first half of 2025 [1] Group 2 - He Yanping has retired as the General Manager of Western Lide Fund, with Chairman He Fang taking over the role, raising concerns about the stability of the company's governance [2] - He Yanping has over 20 years of experience in the financial industry and has led Western Lide for nearly a decade, making her departure potentially impactful on the company's strategic continuity [2] - The turnover of executives in the public fund industry is becoming more common, which may increase competitive pressure on smaller institutions [2] Group 3 - Nearly 70 new funds are scheduled for issuance in October, marking a peak in new fund launches as companies aim to close out the fourth quarter strongly [3] - The types of newly issued funds include actively managed equity funds, index funds, and rights-bearing bond funds, which are expected to bring additional capital to the equity market [3] - The presence of high-performing fund managers leading the actively managed equity funds may attract long-term capital and boost market confidence [3] Group 4 - Dongfang Caifu announced a share transfer price of 24.4 yuan per share, reflecting institutional investors' recognition of the company's long-term value [4] - The share transfer was fully subscribed, with 16 institutional investors acquiring a total of 238 million shares, which may enhance market confidence [4] - This large-scale institutional subscription could lead to increased attention on leading stocks within the brokerage sector, potentially boosting market activity [4]

Core Insights - Dongguan Securities has updated its prospectus, which has attracted significant market attention due to changes in financial data and a major adjustment in its equity structure [2][3] Equity Structure - The equity relationship of Dongguan Securities has fundamentally changed, with a state-owned consortium led by Dongguan Holdings and Dongguan Jin Kong Group acquiring a 20% stake from Jinlong Co. for 2.272 billion yuan [2] - Following this transaction, the consortium's total shareholding increased from 55.4% to 75.4%, allowing the Dongguan State-owned Assets Supervision and Administration Commission to achieve absolute control over Dongguan Securities [2] - Previously, the fragmented shareholding structure, with Jinlong Co. as the largest shareholder at 40%, was seen as a key obstacle to the company's IPO [2] Performance Outlook - Dongguan Securities is expected to report total operating revenue between 2.344 billion yuan and 2.591 billion yuan for the period from January to September 2025, representing a year-on-year growth of 44.93% to 60.18% [3] - The net profit is projected to be between 862 million yuan and 953 million yuan, with a year-on-year increase of 77.77% to 96.48% [3] - The update of the prospectus is viewed as a significant milestone in the company's development, signaling its readiness to face challenges in the capital market [3]

Group 1 - The resignation of Zhu Ruimin as the General Manager of Cinda Securities was announced on August 1, with Zhang Yi, the Deputy General Manager and CFO, taking over the role temporarily [2] - Zhu Ruimin joined Cinda Securities in April 2019 and was appointed General Manager in September 2019, with his term originally set to end on November 6, 2026 [2] - Under Zhu's leadership, Cinda Securities successfully listed on the Shanghai Stock Exchange on February 1, 2023, becoming a publicly traded brokerage [2] Group 2 - Cinda Securities experienced significant profit growth during Zhu Ruimin's tenure, with net profit increasing from 198 million yuan in 2019 to 1.543 billion yuan in 2023, representing over a sevenfold increase [3] - Operating revenue also saw substantial growth, rising from 2.223 billion yuan in 2019 to 3.483 billion yuan in 2023, with a notable increase of 1.26 billion yuan over four years [3] - The company's ranking improved from 47th in 2019 to 37th in 2024, consistently maintaining a position within the top 40 in the industry since 2021 [3] Group 3 - Zhu Ruimin's departure coincides with a change in the controlling shareholder of Cinda Securities, as the Ministry of Finance plans to transfer its shares to Central Huijin Investment [4] - Following the share transfer, Central Huijin will become the controlling shareholder of Cinda Securities [4] - The future career path of Zhu Ruimin remains a point of interest [4]

Core Viewpoint - Donghai Securities received a fine of 60 million yuan from the China Securities Regulatory Commission (CSRC) for failing to perform due diligence in a major asset restructuring project, raising concerns about its IPO progress [1][2][3]. Company Summary - Donghai Securities was fined 60 million yuan, which includes a business income confiscation of 15 million yuan and a fine of 45 million yuan, due to significant omissions and false records in its advisory role for Jinzhou Cihang's 2015 major asset restructuring [2][3]. - In 2024, Donghai Securities reported an operating income of 1.469 billion yuan, a total profit of 29 million yuan, and a net profit attributable to shareholders of 23 million yuan [2]. - The company signed an IPO guidance agreement with CITIC Securities in March 2022 but has faced repeated obstacles in its IPO process, including a notice of investigation in February 2023 [2][3]. Industry Summary - The IPO enthusiasm among small and medium-sized securities firms has cooled, with only four firms remaining in the queue: Bohai Securities, Hualong Securities, Caixin Securities, and Dongguan Securities [1][4][6]. - The decline in IPO activity is attributed to stricter regulations, increased competition among similar businesses, and historical issues affecting firms like Donghai Securities, which have faced penalties that impact their operational assessments [6][7]. - Experts suggest that the path for small and medium-sized securities firms to break through lies in differentiated positioning, focusing on niche markets, and considering mergers and acquisitions to strengthen capital before pursuing IPOs [7].

Core Viewpoint - The company, Kaisheng Securities, has faced significant challenges in its IPO process, including the withdrawal of its application and ongoing internal control issues, which have adversely affected its business operations and financial performance [2][3][11]. Group 1: IPO Process and Regulatory Issues - Kaisheng Securities' IPO application was submitted in July 2022, but the review process has been stalled for approximately three years, with no substantial progress since the initial inquiry in April 2023 [2][4]. - The withdrawal of the IPO application is linked to the change of accounting firms, as state-owned enterprises are limited to hiring the same firm for a maximum of eight years [2][4]. - The company may consider reapplying for the IPO in 2026, indicating a potential delay in its public offering plans [2]. Group 2: Financial Performance - In 2024, Kaisheng Securities reported revenues of 28.59 billion yuan, a decrease of 6.61% year-on-year, while net profit increased by 12.78% to 6.95 billion yuan, indicating profit growth despite declining revenues [4][5]. - The company's revenue from various segments showed mixed results, with a significant drop in commission income and net interest income, while investment income surged by 146% [5][6]. - The company heavily relies on the Shaanxi market, with 101.62% of its revenue and 155.8% of its operating profit coming from this region in 2024 [6][8]. Group 3: Business Operations and Internal Control - Kaisheng Securities has faced operational challenges due to internal control issues, leading to a six-month suspension of its bond underwriting business [9][11]. - The company has been recognized for its strong performance in the New Third Board business, ranking first in several years, but its traditional IPO underwriting capabilities lag behind top competitors [10][11]. - The company has acknowledged its insufficient penetration in coastal economic regions and the need for a more rational network layout [7][8].

Core Viewpoint - The article discusses the recent progress in the state-owned capital acquisition of Dongguan Securities, highlighting the transfer of a 20% stake from Jinlong Co., which is expected to facilitate the company's IPO efforts and stabilize its development [2][4][6]. Group 1: Share Transfer and Regulatory Approval - Jinlong Co. has successfully transferred its 20% stake in Dongguan Securities to a consortium of state-owned enterprises, which has received approval from the China Securities Regulatory Commission (CSRC) [2][4]. - The transfer was initially planned in August 2023, with a listing price of 2.272 billion yuan, but only one interested buyer emerged, leading to the eventual agreement with Dongguan State Capital [4][5]. - Post-transfer, the shareholding structure changed, with state-owned entities increasing their combined stake from 55.4% to 75.4%, making them the largest shareholders [4][6]. Group 2: Impact on IPO and Company Stability - The stability of Jinlong Co. and its associated entities has been a significant factor in Dongguan Securities' prolonged IPO process, and resolving these shareholding issues is expected to enhance the company's prospects for going public [6][8]. - Dongguan State Capital has expressed interest in acquiring the remaining shares held by Jinlong Co. if Dongguan Securities does not go public within two years, indicating a strategic move to consolidate control [5][6]. Group 3: Financial Performance - Dongguan Securities experienced a decline in revenue and net profit in 2022 and 2023, with revenues of 2.299 billion yuan and 2.155 billion yuan, and net profits of 791 million yuan and 635 million yuan, respectively [8]. - In 2024, the company reported a revenue increase of 27.73% to 2.753 billion yuan and a net profit increase of 45.4% to 923 million yuan, indicating a recovery in performance [8]. - The company anticipates a strong first quarter in 2024, projecting revenues between 625 million and 691 million yuan, reflecting a year-on-year growth of 40.65% to 55.45% [8].